Cabo Announces New Additions To Board Of Directors And Change Of Name

North Vancouver, BC - Cabo Mining Enterprises Corp. (TSX-V:CBE) (“Cabo” or the “Company”) announces that at its general meeting of shareholders (the “AGM”); held on Thursday, December 15, 2005 in North Vancouver, the shareholders:

Details of each of these matters, as well as all other resolutions that were voted on and passed at the AGM, were contained in the management information circular dated November 9, 2005. Subsequent to the AGM, the board of directors appointed Mr. Robin Preston, as an additional director to the Company. Both Mr. Gerrie and Mr. Preston will serve as Independent Directors and will sit on the Audit Committee and the Corporate Governance/Compensation Committee.

Robert Lundgren, a former Director of the Company, did not stand for re-election at the AGM. The Company wishes to express its thanks and appreciation to Mr. Lundgren for his service to the Company.

New Directors Mr. Gerrie comes to the Cabo Board with expertise in business management and leadership training. He is the President of Greg Gerrie Training Seminars International, which provides training in employee and management development as well as corporate performance improvement. In that capacity, Mr. Gerrie has provided training and consulting to business people in Canada, the USA, England, Ireland, Scotland and India focusing on management and leadership programs. He is widely acknowledged as an expert in this field. Mr. Gerrie is the author of Fired Up For Life – How to Get and Stay Motivated. He has degrees in Economics and Education from Queen’s University.

Mr. Preston is well known in the Vancouver, British Columbia business community as a Chartered Financial Planner and as a Vice-President of RBC Dominion Securities, retiring at the end of 2002. In 1982, Mr. Preston joined Pemberton Securities which later merged with RBC and remained with RBC, specializing in the fixed income sector principally for private investors and institutions. Prior to joining Pemberton, Mr. Preston was a commissioned officer in the British Army and later joined IBM (UK) where he led the Oil Industry Marketing Team in London during the period of growth of the North Sea oil fields. While at IBM, Mr. Preston became a member of the IBM Golden Circle. Mr. Preston is a Retired Fellow of The Canadian Securities Institute and a Retired Board Member of the Centre for Ability and the Langley Memorial Hospital Foundation. Mr. Preston brings a broad range of experience to the Board.

Change of Name At the Annual General Meeting, the Shareholders voted in favour of a change of name of the Company to Cabo Drilling Corp. which more accurately describes the principal business of the Company. The change of name will be effective upon acceptance of the company’s filing with the TSX Venture Exchange and registration of the name change with the Yukon Department of Corporate Affairs.

Cabo Mining Enterprises Corp. is a drilling services company headquartered in North Vancouver, British Columbia, Canada. The Company provides services through its subsidiaries Advanced Drilling Ltd. of Surrey, British Columbia; Forages Cabo Inc. of Montréal, Quebec; Heath & Sherwood Drilling (1986) Inc., of Kirkland Lake, Ontario; and Petro Drilling Company Limited of Springdale, Newfoundland. Cabo also holds interests in mineral exploration properties located near Cobalt, Kenora and Sudbury, Ontario, Canada. The Company’s common shares trade on the TSX Venture Exchange under the symbol: CBE.

ON BEHALF OF THE BOARD

(signed “John A. Versfelt”)

John A. Versfelt

Chairman, President and CEO

Further information about the Company can be found on the Cabo website (http://www.cabo.ca) and SEDAR (ww.sedar.com) or by contacting Investor Relations Ms. Sheri Barton at 403-217-5830 or Mr. John A. Versfelt, Chairman, President & CEO of the Company at 604-984-8894.

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The Exchange has not in any way passed upon the merits of this news release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, potential mineral recovery processes and other business transactions timing. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.